Neeraj Khemlani, the president and co-head of CBS News and Stations, is stepping down from his role, according to a Sunday report from Variety.
Khemlani told employees in a memo on Sunday he is leaving his current position for a new “multi-year first-look” deal at CBS where he will create content like documentaries, scripted series and books, the report said. In his current role, Khemlani is responsible for running CBS News, its local stations and popular programs like “Face the Nation,” “60 Minutes” and “CBS Evening News.”
“I’m so proud of what all of you have accomplished — the scores of journalistic wins, the superb storytelling, the creativity that enhanced every aspect of our programming — that has put this division on a stronger path forward,” Khemlani said in the memo, according to Variety.
It is not immediately clear who will succeed Khemlani, but CBS could announce the new executive as soon as Monday, Variety said.
Khemlani began his tenure at CBS in April 2021. Before joining the network, Khemlani spent more than 10 years at Hearst, where he held a number of leadership roles like executive vice president of Hearst Newspapers, president of Hearst Entertainment and Syndication and chief creative officer.
Khemlani’s departure marks the latest major leadership shakeup at a news network this year. CNN’s Chris Licht left the company in June after he faced a rebellion among the network’s talent and staff.
Media companies have been grappling with a soft advertising market, particularly affecting the traditional TV business. Networks are also gearing up for what is expected to be another contentious election cycle in 2024.
As of market close Friday, shares of Paramount are down around 9.5% year to date. In the company’s earnings report for the quarter ended June 30, Paramount reported revenue of $7.62 billion for the quarter, down about 2% year-over-year, as the company’s TV segment was once again dragged down by lower advertising revenue.